TORONTO, May 11, 2016 /CNW/ - ProMIS Neurosciences, Inc. ("ProMIS" or the "Company") today announced its operational and financial results for the three months ended March 31, 2016.
Recent Corporate Highlights
Since January 1, 2016, the Company
- Announced the formation of its Scientific Advisory Board with members specializing in Alzheimer's disease (AD), neurodegenerative disease and toxic, prion-like misfolded proteins; and its Business Advisory Board with recognized leaders in biotechnology business management, diagnostic product development and monoclonal antibody design and manufacture;
- Identified its second, third and fourth in a series of novel potential therapeutic targets on strains of misfolded Amyloid beta (Aβ), implicated in the development and progression of Alzheimer's disease;
- Initiated the validation process, having raised the specific monoclonal antibodies ("mabs") against the multiple targets identified. The on-going validation program is designed to select mabs for drug development that bind selectively and specifically to the neurotoxic, propagating strains of misfolded Amyloid beta;
- Completed a $1,000,000 non-brokered private placement through the issuance of 16,666,667 common shares. The private placement was completed in two tranches, March 29, 2016 and May 4, 2016. All securities issued in connection with the private placement are subject to a four month hold from the date of issuance in accordance with applicable securities law.
The primary use of proceeds from the private placement will be to validate and optimize several (up to six) lead mab products that ProMIS is developing against different strains of misfolded Aβ in Alzheimer's disease and Down's syndrome. This on going program will seek to validate that the lead products selectively bind to the neurotoxic prion, or oligomeric form of Aβ, which the Company believes is the target product profile for successful precision therapies in these diseases. The validation, done in part with cadaveric brain tissue of diagnosed Alzheimer's disease patients, will also be used to support and enhance ProMIS' patent estate.
Net loss for the three months ended March 31, 2016 was $670,150, which was largely attributed to the costs associated with operating the Company's Alzheimer's therapeutics program, supporting its patent portfolio, and associated general corporate expenditures. Net loss for the comparable period in 2015 was $428,005, which included restructuring costs of $110,000. During the three month-period ended March 31, 2015, the Company had closed its research facility in Mississauga Ontario and was undergoing a strategic review of its operations, so expenses were significantly reduced.
Revenues for the three months ended March 31 2016 and 2015 were nominal and relate to legacy technologies. For the three months ended March 31, 2016 the Company recognized $2,486 in royalty revenue related to its preclinical Alzheimer's diagnostic assay. For the three months ended March 31, 2015 revenue was $11,400, which related to a research agreement related to its Alzheimer's diagnostic program.
Research and development expenses for the three months ended March 31, 2016 were $361,484, compared to $232,360 in the three month ended March 31, 2015. The increase is due to higher patent filings fees, research program costs for the company's Alzheimer's therapeutics program and higher stock option compensation, offset by savings in labour and facilities costs associated with the now closed research facility in Mississauga.
General and administrative expenses for the three months ended March 31, 2016 were $304,868, compared to $97,045 in the three months ended March 31, 2015. The increase is due to higher investor relations expenses, salaries related to the Company having a paid Chair, professional fees, and stock-based compensation.
The Company had working capital of $550,860 as at March 31, 2016. Those funds, together with the proceeds from the recently closed second tranche of the private placement, will fund the Company's operations into the third quarter of fiscal 2016.
The Company's priorities for the next year are to identify and develop precision medicine therapeutics for AD and ALS.
The Company will continue to expand its Intellectual Property (IP) estate for AD by identifying novel epitope targets on misfolded strains of proteins Aβ and tau. The Company's complementary proprietary techniques, ProMISTM and Collective Coordinates, will be employed to identify and confirm such novel targets.
As previously announced on March 18, 2016, the Company has initiated the validation process, and has now raised mabs against the multiple targets identified. The on-going validation program is designed to select mabs for drug development that bind selectively and specifically to the toxic, propagating strains of Aβ. Subsequent to such validation, the Company will be in a position to use the mab(s) with the desired target profile for development of precision therapeutic product(s) for AD.
Given the Company's robust IP estate relating to misfolded SOD1 in ALS, ProMIS Neurosciences is actively seeking a collaborative development partnership in this field.
About ProMIS Neurosciences, Inc.
The mission of ProMIS Neurosciences is to discover and develop precision medicine therapeutics for the effective treatment of neurodegenerative diseases, in particular Alzheimer's disease and ALS.
ProMIS uses its computational discovery platform—ProMIS™—to predict novel targets known as Disease Specific Epitopes (DSEs) on the molecular surface of misfolded proteins. Using this unique "precision medicine" approach, ProMIS Neurosciences is developing novel antibody therapeutics and specific companion diagnostics for Alzheimer's disease and ALS. The company has developed two proprietary technologies to specifically identify very low levels of misfolded proteins in a biological sample. In addition, ProMIS Neurosciences owns the exclusive rights to the genus patent relating to misfolded SOD1 in ALS, and currently has a preclinical monoclonal antibody therapeutic against this target.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release may contain certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please consult the Company's website at: www.promisneurosciences.com,
SOURCE ProMIS Neurosciences Inc.
For further information: Renmark Financial Communications Inc., Barry Mire, [email protected]; NATIONAL Equicom, Michael Moore, [email protected]; or contact Dr. Elliot Goldstein, President and Chief Executive Officer, ProMIS Neurosciences Inc., Tel. 415 341-5783, [email protected]